Canadian Home Sales Slide 6.9% Yearly

In Mid-Q3, Canada home sales slipped ~1% MoM and ~7% yearly, as economic uncertainty and higher mortgage costs weighed on market activity.
Canada’s price index was flat MoM in Mid-Q3 and ↓~3% yearly, while newly listed properties rebounded ~3% after three straight monthly declines.
The sales-to-new listings ratio eased to ~49% from ~51% in Early-Q3, moving further below its long-term avg. near 55% across Canada overall.
An economist said rising inflation risks and doubts about recent growth changed the broader backdrop, while higher bond yields pushed fixed mortgage rates upward.
At that time, markets priced in a ~60% chance of an Early-Q4 rate hike, with >1 percentage point of tightening by 2027.